Speakers:
- Ranji Teja, Deputy Director of the Strategy, Policy and Review Department, IMF
-Jomo K.S., Assistant Secretary-General for Economic Development in the United Nations Department of Economic and Social Affairs (DESA)
-Erinc Yeldan, Professor, University of Bilkent, Ankara
-Nuria Molina, Executive Director, EURODAD
-Nancy Alexander, Heinrich Boell Foundation, Moderator
 
Rationale: The IMF’s lending levels collapsed in 2006-2007 because of the apparent strength of the global economy – that is, relatively few countries were in distress and, particularly in Asia and Latin America, financing was available within their respective regions (e.g., China and Venezuela). In addition, some countries pre-paid their loans or sought alternatives to the IMF due to the stigma associated with borrowing from the institution. While some governments perceived the IMF as supporting difficult, but necessary, policy reforms in challenging times, others perceived the IMF as infringing on their sovereignty; prioritizing stabilization at the expense of growth; and lacking legitimacy due to its unrepresentative governance structure. In April, the London Summit of Heads of State called for IMF shareholders to nearly triple the institution’s resources. At the same time, the IMF began to make reforms to its programs that are intended to provide greater policy flexibility to borrowing governments.  Plans are also underway to reform the institution’s governance structure.   

This panel addressed questions, such as: What new reforms has the IMF undertaken? What further governance and policy reforms are required in order for developing countries to fulfill their promise? At the national level, is the IMF ensuring that governments have sufficient "policy space" to respond to citizens and their elected representatives? 

For further information on the event, please contact Nancy Alexander: alexander[at]boell.org